General Discussion

CoopersDad

(3,281 posts) Tue Dec 30, 2025, 10:27 AM Tuesday

Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes [View all]

Read the letter celebrity lawyer Alex Spiro wrote to Gavin Newsom, warning that his clients will 'permanently relocate' if California wealth tax passes

Jack Newsham,Madeline Berg

A proposed billionaire tax in California has the wealthy threatening to flee, according to a letter written by power lawyer Alex Spiro to Gov. Gavin Newsom.

In a December 11 letter that was obtained by Business Insider, Spiro lays out his opposition to the proposed tax on behalf of his clients, whom he calls "California residents who would be subject to the proposed Billionaire Tax Act."

"It will trigger an exodus of capital and innovation from California," Spiro wrote. "Our clients have made clear they will permanently relocate if subjected to this tax."

The measure proposes that California residents with assets exceeding $1 billion be subject to a one-time 5% tax on the value of their assets. If the proposal receives enough signatures, it will appear on the state ballot in November 2026. If passed, it would apply retroactively to all California residents as of January 1, 2026.

Among Sprio' clients are the Kardashians, Jay-Z, and Elon Musk

https://currently.att.yahoo.com/att/read-letter-celebrity-lawyer-alex-204649466.html

92 replies

= new reply since forum marked as read

Highlight:

Gavin Newsom warned that billionaires will 'permanently relocate' if California wealth tax passes [View all] CoopersDad Tuesday OP

Don't let the door slap you on the ass on your way out, parasites. Ocelot II Tuesday #1

You beat me to it SheltieLover Tuesday #27

Parasites is EXACTLY what they are. USS_Dauntless Wednesday #87

I guess that will open housing for people who pay taxes. NT Gore1FL Tuesday #2

Newsom's response should be: CousinIT Tuesday #3

Newsom dweller Tuesday #8

Ugh karin_sj Tuesday #23

Ugh. CousinIT Tuesday #26

Better get the nose clips ready. BannonsLiver Tuesday #30

Most of those people Boo1 Tuesday #50

They would have to move in the next day to avoid the retroactive tax? newdeal2 Tuesday #4

The BILLIONAIRE Class have become the WHINER class. ProudMNDemocrat Tuesday #5

It is called greed Stargazer99 Tuesday #6

They are as addicted to money as any heroin addict is addicted to heroin. travelingthrulife Wednesday #76

I think they should whine louder and more publicly EYESORE 9001 Tuesday #20

They always have been Johonny Tuesday #22

Is it 1 or 5%? Either way, they can afford it, just curious which is correct? Jmb 4 Harris-Walz Wednesday #71

Make it a National Law, save SS Law. multigraincracker Tuesday #7

Yes! SheltieLover Tuesday #28

"So, what's the bad news?" nt Buns_of_Fire Tuesday #9

Good Riddance! NT Daigan Tuesday #10

I honestly think a majority would gladly have the Kardashians (and of course, Musk) depart California... hlthe2b Tuesday #11

Contribute to the common good or goodbye. C_U_L8R Tuesday #12

Money hoarders UpInArms Tuesday #13

"Sometimes the coppice needs to be cleared lest it becomes a hedgerow." Hugin Tuesday #14

Hey MAGA, it's not the immigrants who are ruining America! It's the billionaires! Initech Tuesday #15

Bye.. .... Lovie777 Tuesday #16

The state of California's economists have projected that this tax would result in a net loss of revenue Jose Garcia Tuesday #17

Link? nt drmeow Tuesday #32

New York Times: Jose Garcia Tuesday #34

I keep hearing that they don't pay any taxes anyway MichMan Tuesday #43

These entitled assholes... GiqueCee Tuesday #58

Typically a billionaire will be shielded from direct income tax PCB66 Wednesday #74

Point taken... GiqueCee Wednesday #91

Feels like a poison pill measure designed to get GOP Johonny Tuesday #18

It could probably get renewed every 5 years MichMan Tuesday #38

They are his peeps though Blue Full Moon Tuesday #19

Good riddance, assholes! karin_sj Tuesday #21

California will be better without them. spanone Tuesday #24

Are you sure about that? pcdb Tuesday #48

They don't pay DiverDave Tuesday #61

They won't leave. intheflow Tuesday #25

As long as they take Zuckerberg with them Retrograde Tuesday #29

Wealth Taxes should be at the Federal level not State level walkingman Tuesday #31

Totally agree with you, however, our inept president would never allow it. Jmb 4 Harris-Walz Wednesday #73

I believe there would need to be a constitutional amendment MichMan Wednesday #81

As far as a "direct tax" but couldn't you raise the tax rate based on income? walkingman Wednesday #88

Sure, but that isn't a wealth tax, like people are advocating for here. MichMan Wednesday #89

I see, I agree to claw back wealth would never work. They would just go offshore walkingman Wednesday #90

Spiro is a F'ing con man. haele Tuesday #33

Spiro is a scumbag Hassin Bin Sober Tuesday #46

Silly billionaires. hunter Tuesday #35

California will be better off when these leeches leave. bluestarone Tuesday #36

Not a good idea jonstl08 Tuesday #37

Of course they will? OC375 Tuesday #39

50 million dollars one time kwolf68 Tuesday #40

So California will lose the tax money of people who don't pay taxes? LostOne4Ever Tuesday #41

Massachusetts was warned that the wealthy would flee if a wealth tax was instituted. TheRickles Tuesday #42

How will the government determine how much they owe? MichMan Tuesday #44

The low cost of living has never been a reason to live in California. Buddyzbuddy Tuesday #45

I hope they don't come to my state. BoomaofBandM Tuesday #47

Can they please move out of the US altogether? Luciferous Tuesday #49

Well, that's a good thing, isn't it? Scrivener7 Tuesday #51

Where they gonna move? Alabammie, for the lifestyle, right? bucolic_frolic Tuesday #52

Lol like how all the billionaires said theyll leave MA after their progreesive tax was passed? SSJVegeta Tuesday #53

Why are they in CA to begin with? Because they like it there. Maybe it's the weather. Intractable Tuesday #54

If they're willing to brave the threats of fire, earthquakes, floods, coastal erosion, etc., they'll leave over a Jmb 4 Harris-Walz Wednesday #72

Billionaires will not ignore an entire economy as large as California. unblock Tuesday #55

Doesn't mean they have to live there to have investments MichMan Tuesday #66

Who cares if they leave? Their money is their only leverage. unblock Tuesday #69

There Goes John Galt lame54 Tuesday #56

NYC Billionaires said the same thing if Zoltan Mamdani were to be elected Mayor. no_hypocrisy Tuesday #57

You just nailed it. CoopersDad Tuesday #65

Is that a threat or a promise...? regnaD kciN Tuesday #59

What a terrible headline -- someone trying to take down Newsom? W_HAMILTON Tuesday #60

I'll still vote YES... just for s&g WarGamer Tuesday #62

Tax evasion is illegal. Patton French Tuesday #63

It's "Tax Avoidance" not Evasion DUU Wednesday #86

This is just Billionaires leveraging their enormous privilege thought crime Tuesday #64

if every state did this, then where would they move? Takket Tuesday #67

"Right after I got here, i ordered some spaghetti with marinara and got egg noodles with ketchup" maxrandb Tuesday #68

This message was self-deleted by its author Celerity Wednesday #70

Good riddance. travelingthrulife Wednesday #75

No doubt, they would all love moving to Texas... dlk Wednesday #77

Wait till he's President. Kid Berwyn Wednesday #78

you know what ought to be done to explain the tax is Dyedinthewoolliberal Wednesday #79

If we do not tax billionaires we will not have a democracy delisen Wednesday #80

So, they will declare Bettie Wednesday #82

The younger generation are noticing! MenloParque Wednesday #83

IANAEM. I am not an English Major, but "Gavin Newsom warned" has two opposite meanings. usonian Wednesday #84

The "wealth tax" seems like one of these demagogic gimmicks gulliver Wednesday #85

Not only that, stocks change value daily, even hourly MichMan Wednesday #92